6D — July 22 - August 18, 2022 — Brokerage Directory — M id A tlantic Real Estate Journal
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AI James E. Hanson announced the release of its 2Q 2022 Northern Sustained demand continues to create record-high pricing & low vacancies across the market NAI James E. Hanson releases 2Q 2022 Northern and Central NJ Industrial Market Report N
industrial market’s contin- ued record-breaking pricing velocity - currently standing at $11.91 psf, an increase of $1.82 year-over-year (YOY). In addition, every submarket aside from Exit 7A and War- ren & Sussex currently stands above $10 psf. The vacancy rate also continues to hover near all-time lows at 1.8 per- cent across the market, down from 2.2 percent at the same time last year. Highlighting the sustained strong demand for supply chain industrial space located nearby intermodal infrastruc- ture and major population
centers, the Ports and Mead- owlands submarkets continue to lead the region in pricing at $16.55 psf and $16.40 psf re- spectively. The Meadowlands’ record-breaking pricing is an increase of $2.85 psf from the same time last year while the Ports submarket’s increase is a jump of $2.40 psf YOY. The elevated pricing en- vironment in the Ports and Meadowlands submarkets has also continued to drive demand in secondary markets further to the west, east and south. The Exit 8A submarket that includes Jamesburg and Cranbury has seen the most
dramatic pricing increase - up by $3.46 psf YOY to $14.13 psf. The market also led the region with the lowest vacancy rate standing at 0.8 percent of the submarket’s 73,493,180 s/f of rentable building area. Other market standouts include the Route 46/23/3 submarket which has seen a $2.30 psf YOY increase to $12.63 psf and the Exit 10/12 submar- ket that spans Carteret and Rahway with a $1.50 psf YOY increase up to $13.75 psf. “Despite the turbulence of the past several years, the northern and central New Jer- sey industrial market has been
the model of consistency,” said James Delmonte, VP & direc- tor of research at NAI James E. Hanson. “With rapid pricing increases becoming the norm, the most significant story over this period continues to be the growth of markets such as Exit 8A and the Route 46/23/3 corridor. While supply chain challenges, rising construction costs and the myriad economic issues on the horizon will surely impact many players in the market, the underlying numbers across the region remain strong and I expect its trajectory to remain strong in the quarters to come.” MAREJ
and Central New Jersey Industrial Market Re- port detail- ing leasing and sales data for key industrial submarkets. De s p i t e
macroeconomic challenges and the lingering effects of the COVID-19 pandemic, the report highlights the north- ern and central New Jersey James Delmonte
Capital Improvements Led by Owner/Developer CHA Partners Drive Leasing Activity at Multi-Tenant Property in Logan Township, NJ
munities throughout New Jer- sey with high-quality health- care options and innovative, state-of-the-art facilities. The diversified activity and ten - ant base at the property gives Logan Township residents access to a wide range of qual- ity services in thoughtfully renovated facilities. “We’re thrilled that Hold- brook Pediatric Dental, a well- respected member of the com- munity, has made the decision to join our expanding roster of tenants at 499 Beckett Road,“ said Leslie Florio, vice president of acquisitions and leasing at CHA Partners. “The prime location of 499 Beckett Road at the highly visible cor- ner off the main strip provides our tenants with excellent exposure in a retail heavy and vibrant region.” MAREJ
The Village Pub, The Holiday Inn, Wawa, and Rite Aid. The building is currently 75 per- cent leased, with an additional 6,216-square-feet of space available at the property. “When we acquired this property, we prioritized capi- tal improvements that would modernize the building and enhance appeal to a broad range of healthcare providers,” said Kobi Leifer , partner at CHA Partners. “As we contin- ue to expand our portfolio by leveraging our expertise with healthcare oriented assets, we remain focused on improving access to quality healthcare and elevating the communities in which we operate.” Through the redevelopment and leasing of 499 Beckett Road, CHA Partners continue their mission to provide com-
LOGAN TOWNSHIP, NJ — Logan Township Deputy Mayor Bernadine Jack- son and local officials joined Holbrook Pediatric Dental yesterday at the grand open- ing of its new office at 499 Beckett Rd. in Logan Twp. CHA Partners , a full-service, healthcare-oriented real es- tate development firm, re- cently completed an extensive capital improvement program at the 25,630 s/f property, which included exterior and interior renovations, along with new signage. “Logan Township’s business community continues to thrive and we are proud to officially welcome Holdbrook Pediatric Dental to its new office at 499 Beckett Road,” said Deputy Mayor Jackson. “Given the recent improvements to the
99 Beckett Rd. in Logan Twp
cal Center, SeretisCare Family Practice and Advance Therapy Associates. Located in a highly trafficked retail corridor just a mile from Interstate 295, ten- ants are just steps away from a number of hotels, retailers, and eateries including ACME,
property, along with its fan- tastic visibility, we’re confi - dent that Holdbrook Pediatric Dental will continue to serve our township for many years to come.” Additional tenants at the property include Salem Medi-
corporations, CoreNet Global New Jersey is the premier regional association for cor- porate real estate and related professionals. Powered by its local focus and global reach, CoreNet Global New Jersey strives to engage and advance the industry with programs and services designed to meet the business needs of mem- bers' companies and the career needs of individual members. Hurlbut, joined by her fel- low Co-Chair Liz Archer of Frances Cauffman Archi- tects , will lead CoreNet Global New Jersey’s work to elevate diversity and inclusion as a priority for real estate organi- Hurlbut of Denholtz Properties selected as DEI Co-Chair of CoreNet Global NJ RED BANK, NJ — Den- holtz Properties announced that Kristine Hurlbut , senior VP, leasing, has been select- ed as the Di- versity, Eq- uity Inclu- sion (DEI) Co-Chair for CoreNet G l o b a l New Jersey . A chapter of CoreNet Glob- al, a non-profit association representing nearly 10,000 members in 50 countries with strategic responsibility for the real estate assets of large Kris is a true thought leader, promoting important change in her work leading our dy- namic DEI committee. And she doesn't stop there. She is also extremely supportive of all Chapter activities. Whether the event is a Women's Group, Community Outreach, Special Event, or Membership net- working, you see Kris's smiling face in the pictures shared on social media. We are fortu- nate to have someone of her commitment and passion as part of our leadership team. I have no doubt she will play a major role in CoreNet New Jersey’s growth and future success.” MAREJ Kristine Hurlbut zations across the state. Work- ing closely with a committee of dedicated volunteers, Hurlbut and Archer will ensure that the DEI Committee can serve as an advisory resource for chapter leadership and its membership through training, planning and programing/speaker referrals; creation of opportunities to expand awareness of the corpo- rate real estate profession with diverse student groups through speaking engagements and fa- cilitating internships; and the hosting of DEI workshops and awareness events. “I am happy to see tangible steps increasingly being taken to advance diversity, inclusion and equity across the real es- tate industry,” said Hurlbut. “However, much work remains to be done to ensure the real estate industry can truly be a place for everyone. I am look- ing forward to working with CoreNet Global New Jersey’s DEI committee to help to create a more inclusive, equitable and diverse real estate community in the years to come.” Mary Beth Sullivan , re- gional vice president, Teknion and president, CoreNet Global New Jersey Chapter added, “Although Kris is a relatively new member to our NJ Chapter and our Board, she has already made a significant impact here.
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